Will the real Satoshi please stand – oh there you are!

When I first heard about today this I was skeptical and I still am to a certain degree.

Anyone that knows something about Bitcoin would know that it was originally created in November 2008 when a paper published under the name of Satoshi Nakamoto and titled “Bitcoin: A¬†Peer-to-Peer Electronic Cash System”. From there Bitcoin has grown to a well used online currency that has been used by business, individuals and more famously criminals to transfer value via electronic means without the need for a centralised exchange or banking authority.

The main technology behind bitcoin known as the Blockchain is an electronic public journal containing every single transaction from the inception of bitcoin. The advantage of this is that every member of the bitcoin network is able to verify any transaction making it nearly impossible to commit fraud against the bitcoin economy.

This is not Satoshi.
This is not Satoshi.

With the success of bitcoin, the value skyrocketed and early adopters saw the value of their bitcoin wallets grow very quickly. It was calculated that Nakamoto, the creator of bitcoin was holding around 1.5 million bitcoins and at the current rate of US$450 puts his personal wealth at around US$670 million. Not bad for a clever idea on a unique online currency.

Of course, the real identity of Nakamoto was under great speculation from Japanese mathematician, Shinichi Mochizuki to the founder of Silk Road Ross Ulbricht and more recently Australian businessman Craig Wright who recently claimed that he was indeed Satoshi Nakamoto.

It is reported by Gizmodo that Wright has provided technical proof to the BBC that will confirm that he is Nakamoto and at the same time it will confirm his expected wealth.

This is Satoshi Nakamoto.
This is Satoshi.

It was around 12 months ago that there was speculation that Wright was the creator around the same time the Australia Tax Office was investigating him on “unrelated matters”.

This is a big reveal in the story of Bitcoin and could have a massive impact on its future now that the creator is known. It could be speculated that now since Wright is the creator, there may be a chance for the future of bitcoin to either flourish or fail under the name of a real person instead of an enigma.

For more on this, have a look at the Gizmodo article.